Part of learning the ASC 606 standard is understanding the terminology and concepts. We have compiled this Revenue Recognition Terminology & Concepts document to summarize the new terms as they relate to the old terms or to define what the new terms are referencing.
Please use this document in conjunction with the previously released Revenue Recognition Implementation Guide, which includes topics related to:
- Identifying contracts with customers
- Assessing multiple performance obligations
- Series of performance obligations
- Evaluating variable consideration
- Uninstalled materials
- Recognizing revenue
- Fulfillment costs
- Capital costs to obtain a contract
- Financing
- Transition method
- Disclosures
Questions about this document or any tax or accounting matter can be addressed via email to Chris Iannuzzi, Director or 248.641.0005.